Jamal Ormar, an administrator at the Bank of Mozambique, emphasized in Maputo today that the fight against money laundering requires a combination of robust legislation, active cooperation, and a committed, vigilant populace. He warned that this criminal activity represents a significant threat to the rule of law, financial stability, the business climate, and the overall trust placed in national institutions.
Ormar noted that combating money laundering has evolved into a global priority in recent decades, moving beyond isolated or merely technical issues to become a systemic risk. Where such phenomena are allowed to thrive, the economy and society suffer, ultimately compromising the future and well-being of the population.
Consequently, the Bank of Mozambique has been systematically strengthening its legal and institutional frameworks to prevent money laundering and terrorism financing. This effort entails significant responsibilities for both regulatory authorities and financial institutions.
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The central bank is currently working in close coordination with the Financial Information Office (GIFIM), the Public Prosecutor’s Office, and other national authorities to enhance supervision and risk mitigation.
This collaborative approach is vital to ensuring that institutions are well-prepared to prevent abuses, identify vulnerabilities, and respond effectively to the risks associated with financial crimes. According to Ormar, the ongoing workshops on this subject are designed to deepen the understanding of these risks and consolidate institutional practices that align with international standards.
A major milestone was achieved on October 24th when Mozambique was officially removed from the Financial Action Task Force (FATF) gray list. However, Ormar cautioned that this achievement should not be viewed as a final destination, but rather as the start of a period of increased, ongoing responsibility.
He highlighted that continuous capacity building for all financial institutions under the Bank of Mozambique’s supervision is essential to maintain the country’s progress and protect the integrity of the financial system.
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To secure this future, the Mozambican government approved a national strategy in March aimed at ensuring continued compliance with FATF standards. Authorities are acutely aware that the international community expects to see demonstrable progress by September 2027.
This deadline serves as a justification for the new strategy of national sustainability, which seeks to foster a culture of integrity and institutional readiness that will safeguard the country’s financial system against future vulnerabilities.
